Flemingo Travel Retail files IPO papers with Sebi

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NEW DELHI: Flemingo Travel Retail, a leading duty-free and travel retail operator, has filed preliminary papers with the capital markets regulator Sebi to garner Rs 2,600 crore through an initial share-sale.

According to merchant banking sources, the IPO size is estimated to be Rs 2,600 crore.

The money raised through the public issue will be utilised towards "acquisition of 100 per cent of the equity interest in Flemingo International (UK) Ltd from corporate promoter, Flemingo International."

Further, funds will be used to buy all shares of Flemingo Dutyfree Shop Private Ltd from Flemingo International, certain individual members of promoter Group -- Viren Ahuja, Arjun Ahuja and Karan Ahuja, and Symbolic Infra Projects.

Flemingo is a global travel retailer with a leading position in Indian and Sri Lanka travel retail markets, where it operates core duty-free stores and the aggregate retail area of core duty-free stores.

As of September 2017, the company had operations in 119 locations in 26 countries.